Film converter and distributor Transilwrap Co. Inc. is partnering with private equity firm Nicolet Capital Partners LLC, with plans to grow the business aggressively.
Transilwrap announced Oct. 8 that Nicolet Partners has purchased a stake in the 76-year-old company.
The change comes three years after a management-led buyout that purchased Transilwrap from the founding families of Sabra Minkus and Herb Drower.
Nicolet Partners, a Chicago firm, did not reveal the size of its stake, but said that generally it targets equity investments of $20 million to $50 million in established companies serving a distinct end market.
President and Chief Executive Officer Mark Stevens said in a news release that Transilwrap's management team members will remain in their current capacities and maintain a substantial equity position in the company.
In a news release, Stevens said Transilwrap was ``in need of a partner'' to help it grow.
``We conducted a thorough process to identify a partner right for us and were prepared to forego an equity transaction if we could not find a partner compatible with our culture, supportive of management's continued involvement and that shared the same vision of using Transilwrap as a growth platform to leverage our 76-year history of industry leadership,'' Stevens said.
He said the company will pursue acquisitions that will build on core strengths, enhance converting capabilities and provide access to new markets.
``The goal is to continue to grow the company and take advantage of some strategic growth opportunities that exist domestically and internationally,'' said Claudio Colacino, chief financial officer of Transilwrap.
Transilwrap, headquartered in Franklin Park, Ill., operates nine facilities in the United States and Canada. It focuses on three business segments - thermal laminating, printing and specialty packaging films. The company said that it is the second-largest manufacturer of thermal laminating film in North America and also makes its own line of printable synthetic alloys.
Key end markets include security, identification and loyalty card integrators, commercial printing and finishing, food and specialty packaging, niche medical products and industrial applications.
``Transilwrap's deep management team, knowledgeable sales force and the scale and breath of its converting capabilities make it an ideal platform for growth. This management team has done a terrific job of strategically positioning Transilwrap as a key player in the supply chain and improving efficiency in all facets of its operations,'' said Brett Snyder, president of Nicolet Partners in a news release.